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EUR/JPY bulls require 139.40 on the upside

FXStreet (Guatemala) - EUR/JPY is trading at 138.85, up 0.01% on the day, having posted a daily high at 138.92 and low at 138.79.

EUR/JPY is riding the benefits still of the break of the channel made last week despite the fundamentals in the dovishness in the stance of the ECB of late. However, the EUR/JPY only managed to post a mild recovery in the US as Valeria Bednarik, chief analyst at FXStreet explained, surging back towards 138.90, still unable to break above the resistance level, but with the short term picture favoring some further recoveries. “Price stands above a bullish 20 SMA while indicators grind higher above their midlines”, she added and then explained, “The level to take now to confirm more gains is 139.40, where the pair presents multiple highs and lows from these past months”.

EUR/JPY support and resistance

Support levels: 138.40 138.00 137.65

Resistance levels: 138.90 139.30 139.70

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